At June 30, 2022, the District had $49,947,779 in cash, yet according to the audited financial statements, the investment of the cash lost $110,920.  How is that possible? Almost  $15 million is in checking accounts and probably earn no interest.  But what about the other $35 million? Here is the breakdown: 1) Certificate of Deposits of $1.4 million with maturities spread equally between 2025 and 2027. 2) Government Agency Securities of $3.4 million with maturities spread equally between 2023 to 2026. 3) US Government Money Markets funds of $14.7 million have maturities of one year or less but the yield … Continue reading →

The recall crowd  has provided false statements as reasons  for Matt Dent’s recall.   The facts are simple. 1)  As a chairman of the Board of Trustees the  only  designated is to prepare an agenda.  Controlling other Trustees is not the job. [link: Trustee Handbook] 2)   Employees leave for a variety of reasons.  To pin employee lack of retention on Trustee Dent  is false and the recall group cannot back it up with evidence. 3)  A loan on his residence is not required to be disclosed  to the state. [see graphic]  No teeth in this allegation. 4) There was no evaluation … Continue reading →

In April, 2023, the Incline Village General Improvement District signed a contract with Granite Construction for a phase (GMP1)  of the effluent pipeline project. Examination of the contract shows it lacks a key detail: the Construction Manager’s Fee as a percentage. The contract is based on the “Construction Manager at Risk” contract provided by the Associated General Contractors of America.   Use of such standard construction contracts is a best practice. A standard construction contract is an example contract for construction services published by a professional associations or standards body. But a standard contract does not mean that legal counsel has … Continue reading →

From 2016-2022, IVGID purchased over $53 million of “capital assets”, account 8120.  These expenditures, include vehicles, off-road vehicles (snowmobiles, utility carts, etc.), heavy equipment (Caterpillar front-loaders,  backhoe, etc.), equipment (golf course mowers, spreaders, forklift, etc) tools (chainsaws, etc) and other items, as infrastructure projects. These expenditures push up rates and fees; the golf courses have millions of dollars of equipment. If Fixed Assets are not properly managed, rates and fees are higher than they should be.    In May, 2023,  public records requests were made to examine IVGID’s Fixed Assets List, year ending 2019. In examining the Fixed Asset List[1] … Continue reading →

MEMORANDUM TO:  Board of Trustees CC:  Brad Underwood and Mike Bandelin June 14, 2023 Re: Effluent Pipeline  – CMAR Contract with Granite Construction –  Construction Manager Fee Percentage It is with dismay, that the Staff of IVGID, the Board of  Trustees and the attorney Josh Nelson  cannot  review and insure that important items in a contract are clearly stated and appropriate. The  contract for the Effluent Pipeline  phase 1 to install 5,500 LF  is for a maximum price of $9.4 million. It should clearly indicate the Construction Manager’s  Fee Percentage (7.3) .  Within the Bid Schedule the amount of Contractor … Continue reading →